Jeremy Hunt has promised to cut taxes to “get Britain moving” again as he insists the economy is “back on track.”
The Chancellor will use the autumn budget to reduce headline rated of national insurance and will provide a permanent break of £10 billion a year tax break for those firms that will invest into new equipment and machinery.
The Chancellor will tell MPs in the House of Commons on Wednesday afternoon, “The Conservatives will reject big government, high spending and high tax because we know that leads to less growth, not more.
“After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation.
“The economy has grown. Real incomes have risen.
“Our plan for the British economy is working.
“But the work is not done. Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people.”
The Times reported that there will be a cut for 28 million for their national insurance and there will also be support for entrepreneurs to raise money to “get behind our fastest growing industries.”
This will also be aimed at encouraging foreign investment along with measures to boost productivity.
Hunt is to say, “Taken together we will increase business investment in the UK economy by around £20 billion a year over the next decade and get Britain growing.”
Shadow chancellor Rachel Reeves said: “After 13 years of economic failure under the Conservatives, working people are worse off.
“Prices are still rising in the shops, energy bills are up and mortgage payments are higher after the Conservatives crashed the economy.
“The 25 Tory tax rises since 2019 are the clearest sign of economic failure, with households paying £4,000 more in tax each year than they did in 2010.
“The Conservatives have become the party of high tax because they are the party of low growth. Nothing the Chancellor says or does in his autumn statement can change their appalling record.”
